Singapore legislation
Clause 38
Clause 38
Duties of VCC with respect to allotments and transfers
(1)
Subject to subsection (2), every VCC must —
within 60 days after the allotment of any of its shares or debentures; and
within 30 days after the date on which a transfer (other than a transfer that the VCC is for any reason entitled to refuse to register and does not register) of any of its shares or debentures is lodged with the VCC,complete and have ready for delivery all the appropriate certificates and debentures in connection with the allotment or transfer.
(2)
Subsection (1) does not require a VCC to complete and have ready for delivery share certificates in the following circumstances:
where the VCC’s constitution states that share certificates will not be issued, and contains a provision for the issue of written confirmations of entry in the register of members;
where the shareholder has indicated to the VCC in writing that the shareholder does not wish to receive a certificate.
(3)
If subsection (1) is contravened, the VCC and every officer of the VCC who is in default shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $1,000, and also to a default penalty.
(4)
If any VCC on which a notice has been served requiring the VCC to make good a failure to comply with subsection (1), fails to make good the failure within 10 days after the service of the notice, the Court may, on the application of the person entitled to have the certificate or debenture delivered to the person, make an order directing the VCC and any officer of the VCC to make good the failure within the time specified in the order.
(5)
The order in subsection (4) may provide that all costs of and incidental to the application are to be borne by the VCC or by any officer of the VCC in default in such proportions as the Court thinks fit.